FxWirePro: USD/NOK bounces from 2-1/2 month low, faces resistance at 5-DMA
Thursday, May 28, 2020 10:57 AM UTC
- The Norwegian Krone eased, retreating from a 2-1/2 month peak hit in the prior session, as the greenback bounced back.
- According to people familiar with the discussions, the United States is currently crafting a range of options to penalize China over its tightening grip on Hong Kong, including sanctions, tariffs and restrictions on Chinese companies.
- On Wednesday the pair plunged to a low of 9.8029 as better-than-expected Norway's retail sales, household consumption and unemployment figures boosted the bid tone around the Norwegian currency.
- USD/NOK trades 0.3 percent up at 9.8816, having touched a low of 9.8026 the day before, its lowest March 12.
- Immediate resistance is located at 9.9388 (5-DMA), close above could take it till 9.9538 (7-EMA).
- On the downside, support is around 9.8000 break below could take it till 9.7830.